Supply chain washing: Strategic disclosure of corporate suppliers

• 成果类型: Article
• 署名作者: Shi, Yilin; Wu, Jing; Zhang, Yu; Zhou, Yuqing
• 署名单位: Fudan University; Chinese University of Hong Kong; Peking University; Nanyang Technological University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101; 1879-1980
• DOI: 10.1016/j.jacceco.2026.101883
• 发表日期: 2026-08
• 页码: 101883
• 关键词: strategic disclosure; environmental; social; and governance (ESG); Supply chain management; Supply chain washing; SOCIAL-RESPONSIBILITY; INFORMATION; PROPRIETARY; profitability; performance; demand; COSTS

摘要

This paper investigates how firms manage supplier disclosures to project a greener supply chain. We show that firms selectively reveal relationships with high-ESG suppliers while withholding ties to low-ESG ones. A shift in the supplier's environmental score from the 10th to the 90th percentile increases disclosure probability by 4.4% relative to the mean disclosure rate. Our analysis suggests this selective disclosure reflects greenwashing rather than genuine communication of supply-chain ESG improvements. In a U.S. subsample, firms are more likely to disclose green suppliers in the 10-K Business section and ESG reports, while low-ESG suppliers appear more frequently in the 10-K Risk Factors section. Strategic disclosure declines as environmental transparency regulations tighten. Finally, firms that strategically disclose green suppliers experience higher short-term stock returns, though these effects diminish over time. Our results highlight the importance of supply chain environmental disclosure and its potential to reduce capital misallocation.